$300k Price Reduction in The Palmolive: 159 E. Walton
We last chattered about this 2-bedroom unit in The Palmolive, at 159 E. Walton, in the Gold Coast in April 2008. The unit was completely upgraded, including a new kitchen.
It is still for sale and it has been reduced $300,000.
Here’s the listing:
Stunning re-sale residence in premier condominium building, steps from Magnificent Mile! One million dollars in upgrades. Clive Christian Kitchen. Everything completed in excellent taste by top designer.
Wood-paneled Study. Glorious formal Dining Room. 2 frplcs. Splendid Master Suite, Sitting Area. Move right into this extraordinary residence. 2 Pets OK. Price & Asmt incl. prkg. Best home at sought after Palmolive!
Janet Owen at Sudler Sotheby’s has the listing. See more pictures and a virtual tour here.
Unit #5B: 2 bedrooms, 2.5 baths, 1 car parking, 2800 square feet
- Sold in April 2007 from the developer for $1,669,500
- Was listed in April 2008 for $2.495 million (included the parking)
- Reduced
- Currently listed for $2.195 million (includes the parking)
- Assessments of $1697 a month
- Taxes are “new”
Oh shit that free parking sure does make this property a sweet deal.
Ahh…the old “new” taxes routine. I really wish with my electric, cellphone, internet and other such bills they occasionally instead of filling in a number to pay them would just put down “new”. Afterall I have a new cell phone, why should I have to pay a bill?
Also with “new” taxes I heard they aren’t assessed for up to two years! With my attention span thats perfect, its like I never have to pay taxes (until I do). This is fantastic..
Well, I guess the good news is that could probably sell the Chandelier for more than it would cost you to install something more – um – appropriate?
for 2.2 mil you figure they could of had a dynamic coffee/cappucino/espresso maker put in and not settle for a $30 setup from Target.
that kitchen is pretty cool. it’s like the stove is in a fire place.
looks like seller is willing to hold out for the mythical foreign buyers to bid $2MM+.
this listing is going to linger on the market for a while unless the ask is reduced to $1.7
I wonder how much of the listing price was driven by the seller and not by the appraiser/agent.
that kitchen is beautiful, not sure if they will get back what they put into it though, the price seems in line given the area 783/sq ft for one of the best non co-op buildings in the city (800 n michigan being the only one i can think of that is better) the amenities and vicinity to shopping/restaurants/nightlife better than almost all others, hard to say its really a rip off at this price but given shitty market conditions likely will go for under 2mm.
Based upon the units I have been in at this building, the current owner installed the kitchen along with many additional upgrades. The mill work on the walls and fireplace were not standard. The guest bedroom has the standard finishes. The standard kitchen is very contemporary.
Some owners of the 10,000 SF units gutted gutted them and started over with their own designers. The short term market value is of no concern whatsoever to these folks.
My guess is that this seller (probably an interior designer) is trying to get out even and is in over his/her head at this point.
Bob, this building has lower taxes and they are frozen for about 7 more years due to the historic renovation. If you are worried about your property taxes, this isn’t your building.
This is now listed for $1,8750,000
I can’t view this unit now as I now have to register. I guess if I have to register I obviously can’t afford it lol.
Paulj apparently it isn’t the building for some of the people that purchased here.
Looks like they’re competing against the developer: 18 units still available, 14 for sale and 4 listed for rent. Unit 8G is my favorite with its in-ground spa quality hot tub with an ask of 1.65MM and slightly less square footage.
Matching the developers prices isn’t going to move this unit. They’re going to have to go below with 14 units listed for sale at various price points.
http://dkresidential.com/buildings/159walton.php?pageNum_Recordset1=0
Unit 13B is for sale from another buyer and its a short sale. Less square footage (1,867) but at a price of 1.15MM, 1.2MM with parking.
Paulj do you think the owner of 13B maybe should’ve worried about property taxes as part of a holistic look at their finances?
Should their banker have looked at property taxes as part of due diligence on their ability to keep current on their mortgage?
Wow, thanks for the info Bob!
There seems to be a lot for sale/rent in the building when you consider it only has around 98 units total.